Did Keynes in the General Theory significantly misrepresent J S Mill?

Roy Grieve ()

No 1323, Working Papers from University of Strathclyde Business School, Department of Economics

Abstract: It has been alleged that J M Keynes, quoting in the General Theory a passage from J S Mill’s Principles, misunderstood the passage in question and was therefore wrong to cite Mill as an upholder of the ‘classical’ proposition that ‘supply creates its own demand’. We believe that, although Keynes was admittedly in error with respect to, so-to-say, the ‘letter’ of Mill’s exposition, he did not mislead readers as to the ‘substance’ of Mill’s conception. The purpose of this paper is to demonstrate that J S Mill did indeed stand for a ‘classical’ position, vulnerable to Keynes’s critique as developed in the General Theory. [This is a revised version of an earlier working paper: ‘Keynes, Mill and Say’s Law’, Strathclyde Papers in Economics, 2000/11]

Keywords: Keynes and the 'classics'; John Stuart Mill; Say's Law (search for similar items in EconPapers)
JEL-codes: B12 B22 B31 E32 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2013-10
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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